Williams suggests trading on the bad news by selling - the Australian dollar.

"As we see the U.S. and the global economy slow down, as we see them come across more fiscal headwinds across the board, I think we're at risk of seeing the dollar rally, commodities sell off, and emerging market currencies in particular." With its significant commodity exports, the Aussie fits the bill.

Williams recommends selling the Australian dollar against the U.S. dollar at 1.04 with a stop at 1.0550 and a target of 1.00.

Tune In: CNBC's "Money in Motion Currency Trading" airs on Fridays at 5:30pm and repeats on Saturdays at 7pm.

Learn more: The essential vocabulary for currency trading is on Key Currency Terms. Top currency strategies are broken down for you in Currency Class.